US EditionPhonePe IPO: Investors Show Unwavering Confidence in 2026 Public Offering
Existing investors Tiger Global and Microsoft plan to sell up to 50.66 million shares in PhonePe’s IPO, targeting a $15 billion valuation while Walmart keeps majority control.
- On Wednesday, PhonePe updated its IPO prospectus listing up to 50.66 million shares for sale, with Tiger Global and Microsoft fully exiting and Walmart selling part of its stake.
- The prospectus makes clear PhonePe’s share sale is driven by existing shareholders, with no founder sell-downs, after spinning off from Flipkart and Walmart remaining dominant shareholder.
- Financial disclosures in the prospectus indicate PhonePe processed about 9.81 billion transactions worth roughly �13.6 trillion in December 2025, while revenue rose 6% to �39.19 billion in the six months ended September 2025, loss widened to �14.44 billion.
- The IPO could raise up to $1.5 billion and target a market capitalization of around $15 billion, offering global investors seeking liquidity a rare exit via India's public markets.
- Founded in 2015 by Sameer Nigam, Rahul Chari and Burzin Engineer and valued at about $12 billion in January 2023, PhonePe has expanded into stockbroking, mutual funds and an Android app store.
12 Articles
12 Articles
PhonePe IPO: Investors Show Unwavering Confidence in 2026 Public Offering
PhonePe's 2026 IPO is distinctive due to minimal shareholder exits, despite it being one of India's largest offerings. The offering, an Offer for Sale, involves Walmart divesting 9% due to regulatory requirements. Notably, most shareholders, including founders, retain their stakes, showing confidence in PhonePe's long-term growth.
TechCrunch
BizTocTiger Global, Microsoft to fully exit Walmart-backed PhonePe via its IPO
Tiger Global and Microsoft are offering up their full stakes in the company, while Walmart is choosing to retain its majority stake, and selling up to 45.9 million shares.
Times of India
The Economic TimesPhonePe IPO: Walmart to cut 9% stake, Microsoft, Tiger Global to exit
Bengaluru-based PhonePe has filed an updated draft red herring prospectus for its IPO, detailing a pure offer-for-sale of up to 5.06 crore shares. This move will see a partial exit for major backer Walmart and a full sell-down by early investors Microsoft and Tiger Global. The company has received in-principle approval to list on the BSE and NSE.
PhonePe files IPO papers: Walmart to cut 9% stake; Microsoft, Tiger Global seek exit
PhonePe IPO | The public issue comprises of entirely an offer-for-sale of 5.06 crore equity shares by existing shareholders including promoter WM Digital Commerce Holdings, with no fresh issue component.
PhonePe’s IPO Lays Bare the Exit Playbook as Tiger Global and Microsoft Head for the Door
When PhonePe files for a public listing, it will not just be testing investor appetite for India’s largest digital payments platform. It will also be offering one of the clearest case studies yet of how global venture capital firms are finding the exit after a bruising reset in tech valuations. An updated IPO prospectus filed […] The post PhonePe’s IPO Lays Bare the Exit Playbook as Tiger Global and Microsoft Head for the Door appeared first on …
Digital payments platform PhonePe has filed an updated draft red herring prospectus (UDRHP) with the Securities and Exchange Board of India (SEBI) for its IPO. According to the UDRHP, the IPO will be an offer-for-sale (OFS) only. This will involve the sale of 50.6 million equity shares by promoter WM Digital Commerce Holdings and existing shareholders. No new shares will be issued. Therefore, the entire proceeds from the offer will go to the sel…
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